PNC Financial Services Group, Pittsburgh, will merge a frozen Riggs National Corp. defined benefit plan into the banking company's overall $1.5 billion defined benefit plan before the end of the year, according to an SEC filing made by PNC. The merger of the Riggs pension plan was made in the second quarter as part of PNC's acquisition of Riggs, which was completed on May 13, according to the filing.
The Riggs pension plan had $107 million in assets and $116 million in obligations as of May 13. According to the filing, the $9 million funding deficit was "recognized as part of the Riggs acquisition purchase price allocation."
PNC spokesman Brian Goerke could not be reached for comment.